Innovate for impact

To retain our position as a technology leader, we are accelerating our innovation and technology capabilities. While innovating, we always keep in mind that innovation at Barco should deliver impact, i.e. add value for all our stakeholders, including the broader communities in which we operate.

Innovating for impact is about more than mere technology innovation. It includes:

  • enhancing and extending our product portfolio;
  • increasing the efficiency of our operations with focused factories and a stronger supply chain;
  • constantly looking for new ways to raise the sustainability performance of our products, operations, and customers;
  • creating new business models to strengthen our downstream value chain.

Assessment

Overall, we score between 2 and 4 out of 4 on the focus areas that support the ‘Innovate for Impact’ lever. In 2023, we made substantial progress with the focused factories strategy, driving efficiency and resilience in the supply and production chain. The innovation process and governance were further strengthened and accelerated: R&D is now close to the customer in the business units, while the overarching R&D team focuses on long-term innovation projects. Several new product introductions are in the pipeline for launch in 2024.

Focused factories

Strategy meter 3 4
  • Roll-out of focused factories, with dedicated factories per market
  • Suzhou Healthcare plant fully operational, construction of Wuxi plant nearly completed, ready for product transfers in 2024
  • Further investments in Saronno (Italy) and Kortrijk (Belgium) plants in preparation

Strengthen downstream value chain through OPEX business models and channel management

Strategy meter 2 4
  • Delivery of multi-year Cinema-as-a-Service contracts is on track, increasing recurring service revenue for Entertainment
  • Establishing new AV partnerships with new and extended distribution agreements

Strengthen supply chain, reducing component dependency through redesign and bringing critical components in-house

Strategy meter 3 4
  • Reduction of dependency on critical components (semi-conductor and other) through new product introductions and product redesigns that allow for more flexibility to change components during the product’s lifecycle
  • Insourcing production of critical subassemblies

Rebalance R&D investment portfolio

Strategy meter 3 4
  • 12.6% of revenue is spent on R&D, with more focus on breakthrough innovations
  • Strengthened patent management with 16 new patent filings and holding 902 patents at year-end 2023 (change in scope of measurement methodology versus previous year – see Glossary)
  • Licensing of patents with external partners creates additional revenue models

Develop adjacencies and new solutions based on core technologies

Strategy meter 2 4

Enhance ROI in innovation combining entrepreneurship and financial discipline

Strategy meter 3 4
  • R&D management consolidated in the business units, close to the customer
  • Barco Labs overlooks overarching R&D projects and themes
  • Strengthened innovation governance, led by CEO An Steegen, with frequent innovation boards and fast-fail principles
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